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Twitter and Binance Work Together to Support Blockchain and Bot Accounts

Twitter and Binance Work Together to Support Blockchain and Bot Accounts

Twitter and Binance Work Together to Support Blockchain and Bot Accounts

Twitter and Binance Work Together to Support Blockchain and Bot Accounts

Binance reportedly contributed $500 million to the Elon Musk Twitter acquisition.
According to reports, Binance, the largest cryptocurrency trading platform in the world, participated in Elon Musk’s acquisition of Twitter. The $500 million investment by the crypto giant into Elon Musk’s $44 billion deal is being used to form a team that will look for applications of blockchain and cryptocurrency that will benefit society as a whole.

This Binance team will strive to resolve various Twitter problems and assist in finding on-chain solutions. One of these problems is the rise of bot accounts on Twitter, which is a serious issue for the service and has drawn harsh criticism.

Users frequently notice a number of accounts tweeting seemingly incredible news, propaganda, or false information since bot accounts are widely used on Twitter. All of information is disseminated via automated accounts. The issue is so severe that Musk once decided against purchasing Twitter as a result of the platform’s deployment of bot accounts.

On Thursday, October 27, Musk was ultimately able to buy out the company, bringing an end to his Twitter arrangement. Since his initial visit to the Twitter headquarters, the billionaire has implemented some significant changes, including the dismissal of numerous top executives, including CEO Parag Agrawal.

Twitter has employed blockchain technology before, but this will be the first time a legitimate blockchain-focused company has looked at it. Additionally a blockchain aficionado, Jack Dorsey established an internal cryptocurrency team for Twitter while serving as its CEO from 2011 to 2021.

This internal team pioneered the usage of non-fungible tokens (NFTs) as a profile photo for premium Twitter subscribers. Due to Binance’s strong involvement with the platform, we may see more blockchain-related features there in the future.

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